“This latest edition of NTUF’s annual study on tax code complexity and its compliance burdens on filers finds that Americans will spend 6.5 billion hours collectively preparing and filing their taxes for the current tax season. The opportunity cost of the time spent laboring over taxes comes out to $280 billion, while filers also incur out-of-pocket expenses on preparation costs amounting to at least $133 billion. That total is likely higher but the IRS has not complied with statutory requirements to assess this cost across its full inventory of tax forms. The IRS is expected to collect nearly $5 trillion in taxes, but above and beyond that amount, complying with the tax system imposes a $414 billion burden on Americans.”